7:7„,7710.4

At a meeting of the Executive Committee of the Fed-

• 3oard, held in the office of the Board on

▪ 1_1 1, 1920, at 11-30 A.17—,

2(131";NT: The Governor..HADaL:1Kochlpah

1.1r, 3ccretar.

:uler,7 r.eservc

in 3du1e

and as follows:

datea

suwitted 1)...,y the

.2!..;!. IL reserves allyst depoits jol-

lars of such deficie.iicies, 3 ivsod that he hai discusse(i

this patter with the Board. of Directors of L.. 2.edra1

serve Bank of New Yen:, as well as the rate of a1ty, if

be assessed on deficiencies in reserves

aL:LI-ct de-nosits under Zection 11 of the Federal P.eserve Act..

TheLi'overlior submitted to the Board a recommendation that:

- when the reserves held by Federal Reserve banks as..1.iniA de-

posits fall 1:,elo\-: Z1174, the Federal Eeserve Board Shall estab-

lish a ta-..t of per cent per -J-11flu (4 -fon the ilyionlit of such

defeie-;:cies the resr-Jes fL,11 to 31.',. .Afld. wheL the ro-

serves fall "Llew 30: the iodoral -Leserve board shall estab-

lish atr.lx of to . per cent per

until .t7:Ef ...eserves fall to

-2eferred to Ge:,..erl Counsel for rei-)ort.

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TeleLrain dated :Larch 7,1st from the Chairman, Federal

Feserve '''an",c of 3t. Louis, advising that ".. John Boehne,

Deputy Chairman and Class C rlrector of that 1.2,k, was preparing

to commence a campaign for nomination for Congress, and request-

tug the views of the *Board as to whether or not 1.7.r. Boehne

should resign as Class C director whilelaa•kinE,-, such. campaign.

Voted thrlt the Governor be authorized to ad-

vise Mr. Martin that the. Board is of opinion that

a Federal 7eserVe ban:‹ director who becomes a

candidate for public office before t71,-., peorlo

should resign as director upon announcin[.: can-

didacy, in accordance with policy of 1 as

expressed in its circular No. 21, seri-, if 1915.

The Governor reported rediscount tration, pursuant

to authority heretofore vested in him; member promissory

notes secured by Government obligations: on .-1-2,per se-

cured by certificates of indebtedness, and 5-1/2 on on paper se-

cured b7 Liberty bonds and 'Victory notes, as follows:

Date Bank :oils- with Amount Maturities

counting

LIar.71st 1-ichmond D.J1las 000, 0 21-15 days

Noted.

771,-; ,,70vc7nor reported the reserve positions of the sev

cral Fede,ral 7oserve lia/i7s as at close of business March ZOth,

and t'11,-, status of rediscos a Yederal 7e-serve banks as

of to '3arie late.

761er:ram dated ro 712-,t from the Federal eserve•

Agent at Atlanta ern,i.e "ding for approval at that Bank the

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'rate of 5 1 , on rediscorit.3 of baW:trs accertances.

Apnroved.

Telecram dated ::arch "1st from the Federal Reserve

Auent at Xansas City, recornendilv- for approval at that Bank

the rate of 5-1 on rediscounts of bankers acceptances.

Approved.

:Temorandum dated Larch 30th by the ::ecret-Iry, recom-

mending that recular blank chec"k„. Le :13.3o‘,3 1 the custody

of the Fiscal Agent, and that such check be written rrl iEstlea

from that office.

Approved.

Lotter dated Llarch 71st from the Federal :ecerve Agent

at New York, recorrendinc salary increases for 67 employees

of that Bank, amounting to :5,460 per 'annum, effective April

1 1920, under the plan adopted by the Federal reserve Bank

of New York which became effective January 1, 1920, whefet,

1-loreaser= in tJ-Ilarle3 of ,n-clojees would he considered ainlet11:,/

the fl-nivcJrcary of each omploet2's entrance into the Bank.

Apurovcd.

:urn 7th front the feelerL1 Reserve

ALJeqt at D.Allas, rocorre1.iin -1,prov.1 of 1:-.01%aso of "a0 cur

iq the salarj of 1,1; -coretary, ;.r.

Lf('(3t1ve Ayril 1; 10—).

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Approved.

Telegram dated March 31st from the Chairman, Federal

Reserve Bank of San Francisco, recommending that contract be

let for steel to be used in the construction of the new banX

building for that Bank; also that the Federal Reserve Board

approve the estinate of the American Bridge Company.

7.eferred to the Governor for report.

RYPORTS OF GUM. : T77 NO. 1:

Dated April let, recommending admission of State institutionsas set forth in the auxiliary minute bookas of this date, subject to the conditions

stated in the individual reports attachedto each application.

Approved.

At 1 the meetinc adjourned.

Approved:

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